South Korean shares rebound as strong exports spur dip-buying

However, investors stepped in to buy beaten-down stocks, supported by improving corporate fundamentals and a stronger export outlook, Reuters reported.Read more: Global Market Today: Asian shares bend under AI stress; Apple earnings loomSouth Korea's exports nearly doubled in October, marking their sharpest increase in more than 50 years, as robust global demand linked to artificial intelligence investments boosted shipments of semiconductors.Live EventsAccording to Reuters, analysts said the stronger-than-expected export performance could support further upward revisions to corporate earnings forecasts, strengthening the case for buying stocks after recent declines.However, a separate survey showed that South Korea's factory activity expanded at its slowest pace in eight months in October, reflecting weaker output and demand.Read more: Wall Street drops to its worst day since June after the sell-off for tech stocks deepensSouth Korean President Lee Jae Myung also pledged bold investments in artificial intelligence to strengthen the country's long-term economic growth potential.

He made the commitment in an address to parliament while seeking approval for next year's budget spending plans.Among individual stocks, Samsung Electronics fell 1.11%, while rival SK Hynix gained 0.92%. Battery maker LG Energy Solution declined 0.70%. Hyundai Motor advanced 0.53%, while Kia Corp slipped 0.63%.Market breadth remained positive, with 565 stocks advancing against 299 declining among 909 traded issues.

Foreign investors, however, were net sellers, offloading shares worth 344 billion won ($257.98 million).In currency markets, the South Korean won weakened 0.24% to 1,337.5 per dollar on the onshore settlement platform, compared with its previous close of 1,334.3.Bond yields also moved higher. The three-year Korean Treasury bond yield rose 2.9 basis points to 3.742%, while the benchmark 10-year yield increased 3.9 basis points to 4.047%.(Disclaimer: This article is based on inputs from agencies. These do not represent the views of The Economic Times)(You can now subscribe to our ETMarkets WhatsApp channel)